Step 1: Understanding the magnetic field contributions.
The magnetic field at the centre of the coil is due to the current flowing through the coil, and the magnetic field due to the long straight wire depends on the distance \( d \). For the magnetic fields to cancel each other, their magnitudes must be equal and opposite.
Step 2: Magnetic field due to the coil and the wire.
The magnetic field at the centre of the coil is:
\[
B_{\text{coil}} = \frac{\mu_0 I_1}{2R}
\]
The magnetic field due to the wire at the distance \( d \) is:
\[
B_{\text{wire}} = \frac{\mu_0 I_2}{2 \pi d}
\]
Step 3: Condition for cancellation.
For the magnetic fields to cancel out:
\[
\frac{\mu_0 I_1}{2R} = \frac{\mu_0 I_2}{2 \pi d}
\]
Solving for \( d \), we get:
\[
d = \frac{R}{\pi} \left| \frac{I_2}{I_1} \right|
\]
Step 4: Conclusion.
The distance \( d \) is \( \frac{R}{\pi} \left| \frac{I_2}{I_1} \right| \), so the correct answer is (C).